Review of Relentless Growth: How Silicon Valley Innovation Strategies Can Work in Your Business (Hardcover)

As with his first book, Meyer artfully combines theory and practice in how to deal with success. This book applies well to any business aiming for high (35%+ per annum) growth and the tremendous strain this places onhaving a shared understanding of the company's goals, direction, andvalues.

Meyer presents many attributes of successful, aggressiveinformation-age companies and provides stimulating ideas about where andhow to steer an organization's culture. Maintaining a sense of urgency andchallenging things that brought about current success are hard to do, butthis book sheds some light on how to avoid complacency.

I find the book atad chauvinistic about Silicon Valley, but the area certainly has anenviable track record. I do think his ideas will work elsewhere. :)



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Review of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too (Hardcover)

James Galbraith, this book's author, is the son of famous economist John Kenneth Galbraith. His father was an important figure in economics, with books such as "The New Industrial State" on his resume. I mention this since this volume mentions Galbraith pere approvingly on a number of occasions.

Galbraith begins by noting that our economic discussion is based on a fallacy--that free markets and competition govern our economic sphere. This idea is now the dominant view of how an economic system ought to function in the United States.He goes on to say that (Page xi): ". . .the doctrine serves as a kind of legitimation myth--something to be repeated to schoolchildren but hardly taken seriously by those on the inside." The guiding metaphor for this book, a predatory state, is outlined early on by Galbraith.He says that this refers to (Page xiii): "the systematic abuse of public institutions for private profit or, equivalently, the systematic undermining of public protections for the benefit of private clients."

He develops this thesis, beginning with a first chapter entitled "Whatever happened to the conservatives?" He begins by noting theelements of the Reagan revolution (or Reaganomics as it was then termed)--(1) tax reduction to trigger investment and economic growth; (2) tight money to halt the inflation that had sapped the energy of the economy; (3) deregulation and assaults on unions, to, once more, let market forces rule. He goes on to argue that, first, this perspective did NOT achieve what its supporters allege, and, second, that contemporary conservatives have in essence abandoned these principles to "take over" the government and use that power to enhance the interests ofthe moneyed and powerful class. As a result, Regan's vision has been replaced by "the predator state," which he defines as (Page 131) ". . .a coalition of relentless opponents of the regulatory framework on which public purpose depends, with enterprises whose major lines of business compete with or encroach on the principle public functions of the enduring New Deal."

If that is the problem, what would the solution be? Galbraith suggests three components of addressing the predator state.One is to institute a system of planning, to think ahead and not depend on short term profit making motives of business enterprises. Another is for government to become more involved in setting wages and ensuring a more equal distribution of pay and income (his argument is that there is no evidence that letting wealthy people get wealthier has positive economic benefits). Three, the United States is part of a world economy, and that should help to discipline and inform our policy.

His policy proposal? If you want higher wages, raise them? If you want better jobs--create them. If you want safer foods and cleaner air, mandate it.Don't depend on the market. Just do it. That won't sit well, of course, with those who advocate markets as the answer. But, then, by the terms of his argument, the market will not do that since it does not describe how things work.The final chapter examines how one might pay for his policy choices.

Plenty of examples are mentioned.This is a book that is not always clear in what it argues, although that is not a major problem. It does provoke reflection on how things work, and that is to the good. I must confess that I am not convinced by what are, generically, referred to as conspiracy theories, and this book has a flavor of a conspiracy at work.Nonetheless, in the aftermath of the economic troubles that have beset the United States and other countries, it is useful to examine alternate perspectives and see if they add anything of value to discourse.

3 1/2 stars. . . .



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Review of Reagan: A Life in Letters (Hardcover)

I'll admit off the bat that I love Ronald Reagan.I think he was a fantastic President.I really do.However, I've found that biographies of the man, and his own memoirs, have only shown us a little of who he was."An American Life", his post White House memoir, offered little in the way of great stories.It wasn't all together self-serving(that wasn't Reagan's way), but it had that same, kinda dull quality that seems to haunt all presidential memoirs.I get upset at Booth all over again when I think about what Lincoln's memoirs would have been like.Here though, in his own words, Reagan comes off as human.Flawed as any other person on this Earth, but with that absoute sense of right and wrong that galvanized his supporters and infuriated his critics.A previous reviewer who gave the book just one star obviously did not read the book, as Reagan's letters answer critics of Iran-Contra and address the Beiruit bombing.Whether you believe Reagan is up to you.That he addresses his critics in this book is a fact.

The book gives a very interesting portrait of Reagan.It starts with his earliest correspondence as a boy, and moves throughhis midwest years to his Hollywood years and into the governors mansion.It follows Reagan's travels on the campaign trail, and the sheer volume of letters is staggering.The man, who many on the left portray as an empty vessell, clearly had a lot to say, and he believed in what he talked about a wrote.The book features Reagans fair-mindedness, as he responds to letters from citizens that impune his character, his motives, and his upbringing.He treats each writer with a respect and affords them the dignity they denied him.It's clear that he was a master of the written word.

In fact, one of the prime reasons to read this is to relish what good letter writing could be.In the days of email, finely written letters are a lost art.Even if you are a critic of Reagan's politics, if you are an honest broker pick up the book.It reads quickly and lets you into Reagans thoughts in a way never before seen.Any person with an interest in the Reagan legacy needs to read this book.



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Review of Ronald Reagan (Hardcover)

D'Souza does not hesitate to note flaws in Regan's character or mistakes made during his life, governorship or presidency. Even so, one sees a very different image of Reagan than what is popularized and by now accepted by default, without question, as facts of history. I was astonished at what I assumed to be true only because pundits and the media said so.

We are frequently told that Reagan was a doting "pawn" of other more intelligent powers. But D'Souza reminds us of 1976 when Reagan challenged the incumbent president - a bold move within either party. Having lost the first five states his campaign manager unilaterally established a withdrawal meeting with Ford. But Reagan, under tremendous pressure to pull out, even from his wife, refused, stating he would take his ideas all the way to the convention, even if he lost every state. Then he started to win and Ford narrowly escaped. In `82 Reagan was vilified with media prejudice (see Bernard Goldberg's "Bias") as Paul Volker (a Carter appointee) restricted the money supply, while Reagan himself signed the biggest tax cut in history. Keynesian's - advocates of centralized government intervention - shouted for Reagan's head. These actions would produce nothing they said, as tax cuts provided money to spend while shrinking the supply took it away. Who would not have changed course given the economic downturn from already depressed levels? Reagan defied pressure again with defense spending - accepting enormous deficits, as Democrats and Republicans were not willing to exchange their social programs (and associated votes) for his defense promise. Clear about financial and political costs, to Reagan, defeating the Soviets with technological strength vs. weakness was worth the price. Finally, Reagan refused Gorbachev when he tried to trade away Star Wars at Reykjavik - a deal Reagan nearly bought with his strong desire to end the Cold War, eliminating nuclear weapons. Again Reagan took a terrible beating in the media.

We find Reagan a simple and practical man. He saw the world in uncomplicated ways that our elite emphatically state the world can no longer be seen in. To Reagan there was good and evil, right and wrong. He focused on larger pictures of his intent with little or no concern for details, infighting, insults, meetings or defections. While Billy Graham pronounced he had caviar everyday in Russia and John Kenneth Galbraith, among so many intellectuals, noted the success and permanence of the USSR, Reagan could not believe it. To him it simply violated common sense to think that the communist system would motivate, inspire and succeed with human nature better than capitalism and democracy. Even the master international diplomat, Richard Nixon, derided Reagan for not accepting the USSR as it was and always would be, writing insultingly about Reagan for years.

Actions noted do not match the definition of "pawn". Nor was Reagan simply stubborn. Reaganomics worked, reducing Carter's inflation from 12% to 3%, interest rates from 21% to 9%, leading to the greatest economic expansion since World War Two. (Unable to disconnect the economic rocket from Reagan's guidance, the next tactic, now so worn, was to snivel, "but not all Americans are doing equally well."They were supposed to be?) In ten years of Détente nine nations fell into the Soviet sphere and seventy percent of South America was communist or socialist. By the close of Reagan's administration 90% of South America was democratic and nine other countries fell out of Soviet influence with Berlin's Wall tumbling down under the hammers of freedom. Reagan and Thatcher changed the world into the global economy we see today - with all its problems they are not that of dictators, KGB and nuclear holocaust.

As we discover, contrary to fashion, Reagan was focused with a determined conviction. His ideas were no accident or implant. After years of writing, meeting people across America through his position at GE and a life experience showing how hostile big government was (is) to everyday Americans, Reagan sensed the country was ready for his message. Reganomics turned out to be a revolutionary insight, not irresponsible idiocy. Time after time he defied pressure and won the biggest prize since World War Two. The economic impacts of Reagan's defense debt, according to economist Lawrence Lindsey, has been a "fantastic payoff - the best money we ever spent".

Apparently, today's vogue position on Reagan is intended to discount him, adopting politically correct propaganda promoted by his opposition. The same opposition he kicked out of university buildings commandeered by force and violence by the hypocrisy laden 60's "peace" generation. The same opposition who rode 20th century orthodoxy, stating that government should regulate, escort and pamper its citizens. Reagan ran against the 20th century and fundamentalist movements born in the 60's. For that they never forgot him, determined to bury his success under the suffocation of revisionist history. Fortunately for some, still open enough to challenge modern dogma, D'Souza has a book to read.



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Review of Nothing Down for the 2000s: Dynamic New Wealth Strategies in Real Estate (Hardcover)

Buying a property for no or little money down is possible, and this book shows the principals and strategy for making alot of money from the property market using this strategy.It's money well spent in comparison to the Sunday morning info-mercials on this topic.

There is NOT good coverage of the RISKS.Allen is suggesting the most highly leveraged transactions you clould ever enter (short of buying futures on margin).Win, win big.Loose - you are Bankrupt (if your starting with minimum assets).

This is a good way to make money, there are risks and you must understand them.As well as knowing your market.

If you buy with no money down AND the market is going up you can't really loose.The things that spoil this, are:
* Macro economics - interest rates go out of control.
* Local markets.E.g. what is going to happen to the property market in Florida after the sting of hurricans?

The author brings home the power of leverage (this is pivotal to growing your net worth, whatever your strategy).He doesn't cover off the risks so well.Must have for prospective real estate investor; but underplays the downside.

Post Script: Clearly the people who wrote the next couple of reviews really don't like any critique of Allen's work.I wrote this book "UNDERPLAYS" the downside, I didn't argue the book ignores it.For example, the medium and long term impact on Florida's real estate values can't be determined yet - insurance increases and coverage issues wont surface for at least a few months, when they do, it will impact premiums.The damage and loss will also act as a detterant to potential buyers considering a move.

The exit strategies outlined in the book are superficial.Also, in the simplest of terms, getting rid of don't want property in a down market is very hard work (it isn't always possible).

This book addresses the risks of the last property crash quite well, and is not a get rich quick book.It does not, however,(IMHO)address SYSTEMIC or MARKET risk adequately. As pointed out, it was on the NY times best seller list for weeks (btw you can now pick it up really cheaply new or secondhand on Amazon, $8 off list price, cheaper than Barnes & Noble - mine will be listed shortly; this is a great service Amazon provides).

Timing the market is great in theory, but buy high sell higher is very hard work in a crash!!!!!Of course, we aren't heading for one .... there is no need to worry.Buy high sell higher can be fools gold - in particular if the market is a BUBBLE (for a good account of every market bubble since the Sixteenth Century read 'Devil take the hindmost: A history of financial speculation, Edward Chancellor.

I still think this is a good book, but want a better one? My suggestions would be Managing Rental Properties for Maximum Profit, or Investing in Real Estate 4th edition (very good coverage of leverage).I'm looking to buy my second US investment property (my previous realestate experience has been overseas) and I am researching my next steps.

Although this is an interesting and good book, the advice in these alternatives appears much more realistic and sound.



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Review of The CATERPILLAR DOESNT KNOW: HOW PERSONAL CHANGE IS CREATING ORGANIZATIONAL CHANGE (Hardcover)

Though the book is based on the American experience, managing change is an international phenomena.The book is therefore useful especially if you are change leader. In fact, the "critical insights" at the end of each chapter can be thought provoking and stimulate discussion in successfully managing transitions. A must read in any change management programme - personal or organisational.



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Review of Reagan, In His Own Hand: The Writings of Ronald Reagan That Reveal His Revolutionary Vision for America (Hardcover)

This selection of 670 radio commentaries Ronald Reagan wrote between 1975 and 1979 astonishes me to no end.Although I was an ardent supporter of the formerPresident, it seemed to me that Reagan's intellect left much to be desired.At best I concluded that Reagan had superb gut instincts, but was primarily the mouthpieceof those far more intelligent than himself.The first question concerning--Reagan, In His Own Hand--that came to mind was whether Reagan relied upon a ghost writer.Afterall, it is well established that some political leaders such as John F. Kennedy were credited for books they never wrote.I was therefore amazed to learn that it appearsRonald Reagan didn't even have an editorial assistant. These writings are indeed the result of Reagan's many years of intellectual inquiry in issues dominating thelast three quarters of a century.

The editors of this collection rightfully describe Reagan as "a one-man think tank."His insights on why Communism would inevitably disintegratealone justifies the purchase of this work.Reagan's detractors were upset when the President called the now defunct Soviet Union an "evil empire." Nevertheless, Reagan refused to mealy mouth the truth.In the end Reagan insisted that we stay the course in our opposition to World Communism.A weaker but still dangerous SovietUnion might still exist today had it not been for President Reagan.He was proven correct and his opponents should have the integrity to admit their errors in judgment.Thegreat leader also clearly understood the values of Democratic Capitalism.Some may legitimately nit-pick Reagan on some of the specifics, but substantially he was on target. Reagan's own words reveal a profound realization that dire poverty can only be eradicated by an essentially free economic system; government policies may be wellmeaning, but inadvertently often do more harm than good.

Ronald Reagan was one of the greatest Presidents in our nation's history.Even many professional Liberal historians are favorably reevaluating Reagan's Presidency. --Reagan, In His Own Hand--deserves a prominent place in one's library.These radio commentaries allow us to more fully comprehend how fortunate we were that RonaldReagan lead our nation during such a crucial era.



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Review of Managing with Dual Strategies (Hardcover)

Derek Abell is an internationally recognized professor at the Swiss IMD business school. He has shown THOUGHT LEADERSHIP on strategy in books like Defining the Business (1980) and Strategic Market Planning (1979).

This book summarizes Abell's complete experience on strategic planning. And I promise you; he has a lot to offer!

This fall of 2004, a leading Danish business school still used this book as curricula for their MBA-level course on business development. I have many newer strategy books on my bookshelf, but I agree fully with their choice.

Abell's core idea is that TO SUSTAIN EXCELLENCE, COMPANIES NEED DUAL STRATEGIES - ONE FOR THE PRESENT AND ONE FOR THE FUTURE.

The distinction between a PRESENT ("today for today") and FUTURE ("today for tomorrow") orientation is not the usual short-term, long-term distinction - in which the short-term plan is simply a detailed operations and budgeting exercise made in the context of a hoped-for long-term market position. Present planning also requires strategy - a vision of how the firm has to operate now (given its competencies and target markets) and what the role of each key function will be. The long-term plan, by contrast, is built on a vision of the future - even more important, on a strategy for getting there.

Planning for today requires a clear, precise definition of the business - a delineation of target customer segments, customer functions, and the business approach to be taken; planning for tomorrow is concerned with how the business should be redefined for the future.

Planning for today focuses on shaping up the business to meet the needs of today's customers with excellence. It involves identifying factors that are critical to success and smothering them with attention; planning for tomorrow can entail reshaping the business to compete more effectively in the future.

Planning for today seeks to achieve compliance in the firm's functional activities with whatever definition of the business has been chosen; planning for tomorrow often involves bold moves away from existing ways of conducting the business.

Planning for today requires an organization that mirrors current business opportunities; planning for tomorrow may require reorganization for future challenges.

IN SHORT, PLANNING FOR TODAY IS ABOUT MANAGING CURRENT ACTIVITIES WITH EXCELLENCE; PLANNING FOR TOMORROW IS ABOUT MANAGING CHANGE.

I've read this book three times since it was published (okay, I may be somewhat slow). And each time, I add to my knowledge on working with strategy. Having worked very much with strategic management in practice over the last 15 years, I find it amazing that I cannot make more people read this book. But I won't give up. If you don't have time to read the full book, then consider reading Abell's article on the same subject in Sloan Management Review, spring 1999. However, the article doesn't include much on Abell's heavy toolbox presented in the book.

Peter Leerskov,
MSc in International Business (Marketing & Management) and Graduate Diploma in E-business



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Review of Generation Me: Why Today's Young Americans Are More Confident, Assertive, Entitled--and More Miserable Than Ever Before (Hardcover)

First, the high points.The author has a lot of interesting survey data that she uses compare the attitudes of "baby boomers" and "generation me".

She shows how today's youth are much more accepting of other races, cultures and sexual orientations; how people are open about their feelings; how women no longer face the kind of discrimination that they did 30 years ago; how young people want to do fulfilling things with their lives and are more self-reliant than ever.

And of course we see the downside: narcissism due to what can only be described as too much self-esteem; an unwillingness to take personal responsibility; too much of a focus on money and celebrity; and an epidemic of depression that no one has yet found a cause for.

The contrast between the generations is very interesting - dating someone outside your race is no longer an issue; the average woman in 2005 has a more aggressive personality (as measured by her survey) than the average man did in 1968.All cool stuff, and it would have been great if the author could have distilled the most significant of these differences into a single chapter.

Unfortunately, she didn't, and I found this to be a very frustrating read overall.She discusses the mismatch between the ambitions of young people and the careers they ultimately end up in.She is right to question kids who want to be "made" into famous hip-hop stars or models or actors, but she also sneers at all of the kids who want to be doctors, lawyers, dentists, etc.

She devotes pages - if not chapters - to the idea that "work should suck" and that young people should not expect to find their dream jobs, let alone fulfilling employment - but then when she discusses what young people can do to be more realistic, she lauds two 25-year-olds who quit their jobs and biked across the US to raise money for charity.

To make matters worse, she chides young people for being cynical about the government, and then chides them for not being cynical enough about their jobs.To top it all off, she thens admits that, as a professor, she "[doesn't] know much about nonacademic career paths".

One thing she does know - and she repeats it numerous times in the book - is that not just anyone out there can become a college professor like her.In many ways, this book feels like the author's attempt to get back at people who made fun of her and wronged her when she was growing up.Even though she's 33 years old and some of the subjects she talks to are 12, she often calls this "her generation" and makes generalizations about it based on her experience.She writes: "Publish the damn honor roll...[I]t's [a] small bit of high school glory enjoyed by the kids who will someday be our doctors and lawyers."Though of course she cautions against encouraging even the smartest and most capable students lest they become convinced that they don't need to work hard to accomplish their goals.

Ultimately, she ends up blaming the victims.Today's 15-to-25-year-olds don't run the world, their parents do.For all her talk about personal responsibility, she devotes exactly one sentence to telling parents that they bear some of the blame for how their kids have turned out.

The author had the opportunity to write something substantial about the changes that have happened over the last two generations.Instead, she decided to write a polemic against people who are not just like her.This will certainly appeal to anyone who likes to believe that "these damn kids are so disrespectful these days", but an insightful book, it's not.



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Review of All Your Worth: The Ultimate Lifetime Money Plan (Hardcover)

"All Your Worth: The Ultimate Lifetime Money Plan," written by the bestselling authors of "The Two-Income Trap," is a solid book about the basics of financial planning.

The authors tell us there are many good financial planning books on the market, if you already have a great deal of money and are looking to make more, but there are few books written for the majority of Americans who are struggling financially and who worry about money.

"All Your Worth: The Ultimate Lifetime Money Plan" helps average people get their finances in order. Harvard law professor and consumer advocate Elizabeth Warren is America's leading expert about the causes of personal bankruptcy in America.

Warren and Tyagi suggest that individuals must get their expenses into balance with their income. In particular, the authors say we should spend no more than 50% of our income on "Must Haves" or expenses that must be paid no matter what (rent or mortgage, utility bills, health insurance, property taxes, etc.). Then, 30% of our income can be spent on our "Wants" (for example, cable TV, tattoos or, actually, anything you want). The remaining 20% of our income should be saved toward building your financial future. The savings become automatic, if you get your must-haves and wants in balance.

The authors point out that historically Americans only spent about 50% of their income on "Must Haves." But, today, there is a trend for Americans to commit more and more of their income to expenses that must be paid, no matter what.

If your "Must Haves" are over 65% of your income, the authors write: "Even the smallest hiccup can seem like a major disaster because there is no extra money to handle anything that goes wrong.... You need to get your Must-Have spending under control immediately."

To get your money in balance, Warren and Tyagi say you can't worry about saving a little bit here and a little bit there. Rather, look at your bigger expenses and find ways to save there. "Count the dollars, Not the pennies," they counsel.

For example, drive a less expensive car. They write: "Buy used...Drive it until it falls apart, and then keep driving it. Drive your car until the odometer flips. Drive it until you're on a first-name basis with your local mechanic. Drive it until you embarrass your kids. And then drive it some more. And laugh all the way to the bank."

The authors show us how to reduce insurance costs, mortgage costs, and other big-expense items. We learn that many people overpay for insurance and mortgages.

We also learn that, due to changes in legislation, it's easier for people to get into financial trouble today, than it was in the past. Years ago, when lenders could only charge reasonable interest rates, lenders needed to be sure people weren't taking on more debt than they could handle. So, if a person couldn't really afford a bigger home, they wouldn't receive a mortgage for it.

But, today, people who struggle to repay their debts are often the most profitable area of lending. This allows the lender to charge high interest rates and hefty fees.

The authors write: "The truth is, debt peddlers don't want you to think about what happens when something goes wrong... . Their only goal is to sneak that monster [debt] into your living room, in the quiet hope that something will go wrong in your life and they can make the big bucks. ...That's right: Your credit card company wants something to go wrong in your life. Why? Because that's when they make the most money! That's when the interest piles on, the late fees and over-the-limit charges balloon, and the bank racks up big profits from your troubles."

So, today, consumers need to learn to limit their own spending. The authors write: "...practice saying something we've heard rich people say a thousand times: 'I can't afford that.' ... Say it with anger. Put some real heart into it-loud and furious. Now say it with resentment. Fill your voice with bitterness and envy. ... Say it with pain. Say it with disappointment. Say it with self-pity. ...The best one: Say it with good cheer. Laugh out loud about it."

"All Your Worth: The Ultimate Lifetime Money Plan" is a great book for people who want to get their finances into balance and avoid financial disaster.




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Review of MEGACHANGE: How Today's Leading Companies Have Transformed Their Workforces (Hardcover)

The title of this book could have been "putting people into the heart of the organizational change equation." In its well written pages, the author shows how to engage, liberate and develop an organizations's humanpotential.

MegaChange describes a process of transformation based onassumptions of human capability, rather than limitations. The approachfocuses on people (below the top) and assumes that they have valid input,can be trusted, and can play a vital role in the change process. Key themesare: greater emphasis on human values, goals, capabilties, and efficacy;placing people at the center of strategy, structure and systems;approaching change from a top-down-bottom-up sequence of developmentactivities, involving two parallel, synergistic efforts: (1)strategy-driven, organization-wide transition in systems and structures and(2) a transformation in culture, beginning with the workforce.

The mainbody of the book is devoted to explaining this change process. This workprovides an excellent perspective on the nature of organizational changeand presents an approach to change that, based on my own consultingexperience in this area,should be read-and given thoughtfulconsideration-by top executives. Highly recommended. Reviewed by GerryStern, founder, Stern & Associates, author of Stern's Sourcefinder: TheMaster Directory to HR and Business Management Information & Resources,Stern's CyberSpace SourceFinder, and Stern's Compensation and BenefitsSourceFinder.



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Review of Intelligent Enterprise: A Knowledge and Service Based Paradigm for Industry (Hardcover)

Quinn's tome intellectually addresses the macro-economic trend of moving manufacturing, especially business-to-business durable goods, to a strategic enterprise model which instead of selling goods, will sell services that imbed the product that they manufacture.The intensity of Quinn's work is formidable! It has the same "feel" of a Peter Drucker work. ...which is a compliment to any author. This is not light reading....but it is worth every minute of effort



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Review of Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated (Hardcover)

This survey of endowment investing offers an incisive framework for how to think about investable assets of charitable institutions. The value of the book is that Swensen has thought long and hard about how endowment investing differs from personal wealth management and how those differences ripple through almost all aspects of overseeing and implementing endowment investments. As the chair of an endowment investment committee and the author of the Endowment Stewardship blog, I find all of Swensen's insights valuable, but especially his chapters on endowment purposes, investment and spending goals, investment philosophy and investment process. [...]Also, if you're an individual investor trying to copy Yale, this book will explain why you're wasting your time.



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Review of Unconventional Success: A Fundamental Approach to Personal Investment (Hardcover)

I am a graduate of the Yale School of Management (with a focus in finance) and have been a fan of Swensen's for a long time.Unconventional Success is, in my view, a must read for anyone who has to manage their own retirement assets (which is most people today).

Swensen compellingly makes the case that (a) the vast majority of passively managed funds outperform actively managed funds (after fees), (b) the vast majority of the mutual fund industry allows profit motives to trump their fiduciary duty to investors, and (c) an individual investor's financial assets are best managed by non-profit organizations - i.e., Vanguard or TIAA-CREF.

Swensen lays out six "core" asset classes that should form the basis of an individual investor's portfolio, each of which should comprise between 5% and 30% of the portfolio.Below is the "generic" target portfolio outlined in the book:
1. Domestic Equity (30%)
2. Foreign Developed Market Equity (15%)
3. Emerging Market Equity (5%)
4. Real Estate (20%)
5. U.S. Treasury Bonds (15%)
6. U.S. Treasury Inflation-Protected Securities (15%)

Swensen also discusses "non-core" asset classes and why each should not be a part of an individual investor's portfolio.These "non-core" asset classes include:
1. Domestic Corporate Bonds, 2. High Yield (Junk) Bonds, 3. Tax Exempt (Municipal) Bonds, 4. Asset-backed securities, 5. Foreign Bonds, 6. Hedge Funds, 7. Leveraged Buyouts, and 8. Venture Capital.We spent so much time in business school glorifying these assets that I found the rationale for why they have no place in an individual's portfolio quite useful.

The most valuable lesson in the book for me was the importance of "quarterly, semi-annual, or annual" rebalancing - i.e. selling winners and buying losers to move various asset classes back to long-term targets (taking into account the tax consequences for post-tax accounts).This is a basic lesson, of course, but the reminder was still highly valuable.

The book does have a few shortcomings.The book can be a bit technical and dry at times, especially if the reader has no background in finance.I would have also appreciated more discussion of how non-financial assets (e.g., home equity) and personal liabilities (e.g., student loans, mortgage), should impact portfolio allocation.Overall, however, I think anyone with a 401k or a few thousand dollars to invest will benefit from a thorough reading of this book.




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Review of The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment (Hardcover)

The Real Estate Game is well written, using simple easy to understand terms. It's a must read for the professional, the amateur, the investor and anyone else thinking of buying and selling either commercial or residentialproperty. Most enjoyable is the view of the real estateprocess from allangles.You get to see how all those involved, the buyer, seller,contractor, manager, attorney and lender fit intothe picture. The reallife examples and case studies help explain what can be very complicatedsituations. As primarily a residential realtor I gained new insight intothe commercial end of the field. It always amazes me how the entrepreneursin real estate often took great chances on a hunch that what were bargainbasement deals would eventually turn into gems. The stories about these menand women are particularly fascinating. The authors, Poorvu and Cruikshank,offer a world of advice and first-hand knowledge to anyone involved in anyway in Real estate. This should be required reading for all brokers,realtors and advisors to anyone getting into the real estate game.



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Review of Creating Wealth: Retire in Ten Years Using Allen's Seven Principles of Wealth, Revised and Updated (Hardcover)

A read of Allen's book is interesting because it presents a differentviewpoint on real estate.Being a novice in real estate, it provided mewith information on many aggressive strategies.However, also being a CPA,I believe that they are excessively risky and are not necessarilyfinancially sound.

Many techniques that are mentioned such as targetingassumable mortgages are out of date and useless.And many of the deals hecovers as examples seem like a fast way to build up debt and incur monthlynegative cash flow losses.

A google search on Robert G. Allen revealsthat he is no longer pushing real estate but a vitamin multilevel marketingcompany.Also, a look at John T Reed's website reveals that Allen hasfiled for bankruptcy in the time period between when this book was writtenand today...1996, I believe.

There are probably better and more relevantreal estate books out there.Since I'm still searching for my personalreal estate methodology, I can't recommend anything now, but I would notrecommend this book to others -- especially beginners.



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Review of Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe (Hardcover)

The book starts with a fly-on-the-wall description of big, offsite meeting in Boca Raton for J.P. Morgan employees.There they made plans to ensure that J.P. Morgan led the industry in credit derivatives.This story of the bravado of young party animals becomes the backdrop for how we got into this mess.These recently minted and overconfident traders and analysts risk takers, lead a headlong charge into a poorly understood market innovation.After that, Tett describes in detail the array of models, players and events that lead to the financial crisis and weaves them all together to explain the events like no other author yet has done.

Although the description of events are detailed, Tett leaves out explanations of how basic psychology and particular modeling errors contributed to the problem - such as the researched described in Hubbard's The Failure of Risk Management: Why It's Broken and How to Fix It (although Hubbard is talking about risk management in a broader sense than financial risks alone, I still recommend both books for this topic).But Tett is also more pragmatic and specific than Taleb's The Black Swan: The Impact of the Highly Improbable and makes more logically supported conclusions than Posner's A Failure of Capitalism: The Crisis of '08 and the Descent into Depression.

Tett seems to cover just about every aspect of the recent crisis that an author can cover without getting into specific mathematical modeling errors (Hubbard argues this is a critical contributor but it would be hard to elaborate without alienating much of the audience).She covers AIG, Bear Sterns, Fannie Mae, the credit rating agencies and the Basel II accords.She mentions Gaussian copula model, Goldman Sachs and the actions of Alan Greenspan.The details of Structured Investment Vehicles (SIV) and Value at Risk are included along with recent events like the Troubled Asset Relief Program (TARP).

I do not believe there is another single book that has this breadth of coverage combined with a logical picture of how they formed an avalanche of connected events.As of now, this is the single most important book on the topic, period.




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